Log in

🎄 Cryptonary Christmas Sale! 50% OFF. Save $500 Now Only ⏰ : 0d 17h 37m 42s

News

BlockFi is accused of offering unregistered securities

Updated: Aug 31, 2024
Published: Jul 20, 2021
0
Share:

The New Jersey Bureau of Securities had issued a cease-and-desist order against centralized crypto-lending firm BlockFi. It accuses BlockFi of offering unregistered securities to its customers.

Post Feature Image

BlockFi's CEO confirmed that the company had received an order from the bureau

According to an article of Forbes the New Jersey Office of the Attorney General, the Bureau of Securities plans to issue a Summary Cease and a cease-and-desist order against New Jersey-based inancial services platform BlockFi.

On July 20, Zack Prince, the CEO of BlockFi, confirmed that the company had received an order from the New Jersey Bureau of Securities requiring it to stop onboarding BlockFi Interest Account (BIA) customers residing in the state by July 22.

The current situation could change how states might proceed in similar cases

The draft statement emphasizes how decentralized financial platforms, known in the industry as DeFi, do not similarly offer FDIC or SIPC insurance as traditional banks and brokerages do. However, while BlockFi provides identical services like DeFi platforms do, such as AAVE or Compound, it is a centralized company.

While Bitcoin and Ether are widely viewed as commodities due to comments and actions by SEC and the CFTC, there is less clarity on other BlockFi-backed assets like Chainlink and Uniswap. If the cease-and-desist letter is eventually signed, it could set a precedent for how states might deal with other yet-to-be-categorized assets.

Binance has also come under pressure for not being properly licensed. Financial Conduct Authority accuses its subsidiary, Binance Markets Limited (BML), of offering unlicensed services in the United Kingdom and the cryptocurrency exchange has received several warnings from regulators worldwide.

Continue reading by joining Cryptonary Pro

Save 50%

$997 $497/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

As a Cryptonary Pro subscriber, you also get:

  • 3X Value Guarantee - If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

3X Value Guarantee

If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.

Terms & Conditions apply

Star

Trusted by 300,000+ investors

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut through the noise and consistently find winning assets.

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

We stand behind the value of our research. If the documented upside from our published research during your 12-month membership does not exceed three times (3X) the annual subscription cost, you can request a full refund. Historical context: In every completed market cycle since 2017, cumulative documented upside has exceeded 10X this threshold.

Recommended from Cryptonary
BTC, ETH and More: Key Levels Tested Again Across Majors
PRO
Market Updates
BTC, ETH and More: Key Levels Teste...Markets are moving fast, but direction remains elusive. Price has been active across majors, sweepin...
10 min read
Dec 19, 2025
Market Pulse: Bitcoin's Security Under Debate
Market Pulse
Market Pulse: Bitcoin's Security Un...Speculation around quantum computing threats to Bitcoin is ramping up, shaking confidence just as ri...
2 min read
Dec 19, 2025
AMA with Adam & Abror: 18th december
PRO
Livestreams
AMA with Adam & Abror: 18th decembe...In this conversation, Abror and Adam discuss the recent inflation data and its impact on the market,...
1 min read
Dec 19, 2025